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18

Promontory Financial Settles With New York Regulator

By Tony Seruga

Eugene A. Ludwig, founder and chief executive of the Promontory Financial Group, said: “We are glad to have resolved this matter.” CreditCarlo AllegriREUTERS

When New York State’s financial regulator challenged the independence of a top Wall Street consultant, the Promontory Financial Group, the firm threatened to sue, vowing to “litigate the matter and defend our firm against this regulatory overreach.”

On Tuesday, Promontory tried a different approach: compromise.

Promontory — whose founder and chief executive, Eugene A. Ludwig, is a former top banking regulator and a law school friend of Bill Clinton — agreed to admit that its actions on behalf of a big British bank did not meet current consulting requirements, the New York State regulator announced…

Promontory Financial Settles With New York Regulator

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